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EUR/USD Closing in on Range Expansion Level of 1.14

EUR/USD Closing in on Range Expansion Level of 1.14

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

EUR/USD Closing in on Range Expansion Level of 1.14

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Recent updates mentioned that “the 20 day range (about a rolling month) stands at 1.69%. This is the tightest range since early December 2014. Several weeks later, EUR/USD dropped from above 1.24 to nearly 1.11 in about 5 weeks. Point is, strong trends tend to succeed tight ranges. Pay attention to SSI (view LIVE positioning HERE), which may help ‘catch’ the move.” The intensity of the breakout is testament to the tight coil that had developed (SSI helped too). The expansion of the recent range suggests a move to 1.1410. Interestingly, a number of highs from 2015 are between 1.1435 and 1.1470.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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